Why Choose a Mandate?

Benefit from our Asset Allocation

Clients who open a mandate with Zeltner & Co can feel safe in the knowledge that a team of experts across different asset classes will be dedicating their significant expertise to the management of their wealth. We diversify our clients’ money not only across a range of asset classes, but also across systematic scenarios. Some of the assets are stored physically or are totally decentralised, while others may benefit from a working fiscal and monetary system. By choosing this option, you can follow our Family Office’s asset allocation with your personal risk parameters applied, without paying any wealth management fees.

Zero Fee

Reduce your banking costs significantly


Invest in a wide range of assets classes to diversify the risks your portfolio is exposed to


Delegate all your investment decisions to our team of experts

Invest like the Family Office

Our mandates are fully in line with how we manage our own assets


We ensure your mandate matches your risk profile

Inside and Outside of the System

Rational diversification across systematic scenarios

Monitoring and Reporting

We constantly monitor all your investments and report back to you regularly

Zero Fee

Comparison with a Traditional Fee Set-Up

Typically, an investor in a mandate has to pay several layers of fees when signing up for such a solution with a traditional bank. Of course, the exact fee structure generally depends on the amount of assets being managed, but to illustrate the potential savings that can be made by investing in a zero-fee mandate we compare the prices for our mandates with those of various private banks.  Some banks only show their management fee because transaction fees and hidden product fees are capitalised anyway. Our estimates suggest that an investor in a mandate can save between 50–100 basis points per year by choosing our Z Mandate, where we don’t charge any management fees. By doing so, investors only have to pay transaction fees, custody fees at their custodian bank and the product fees.

Savings Compounded Year-On-Year

To highlight the effect of saving 100 basis points per year in wealth management fees, we show the results of a backtest of the net-of-fees performance of standard 60% stock and 40% bond portfolios using the Zeltner & Co zero-fee structure and those used by other private banks. This analysis does not take into account product costs and transaction fees. As we can see, the net-of-fees performance of the portfolio using the Zeltner & Co fee structure would have outperformed by 25.6 percentage points since 2000. This outperformance is partly due to the effect of compounded interest on the reinvested savings from zero management fees.

Our Investment Process

Step by Step

Your wealth is managed by experts that we trust according to a process we control. We begin our investment process by seeking to understand your risk profile and your investment goals. From there, we seek out the best products, taking into account their performance potential, risk profile and costs, to implement our views. We monitor your portfolio on a daily basis to control risks and so that we can keep you informed about its performance.


Risk Profile

We start out by assessing your risk tolerance

We discuss your investment horizon and long-term goals


Strategic Asset Allocation

We define the asset classes we want to be invested in over the longterm

We optimise asset class weights based on in-depth research and long-term outlooks and capital market assumptions

We look for assets that benefit from different states of the world to manage risks over the long term


Tactical Asset Allocation

We make tactical changes to our strategic allocation to capitalise on short-to-medium-term trends and macroeconomic circumstances

This enables us to react to changes in the capital markets and navigate market crises



We seek out the best instruments to implement our long-and short-term views and manage risks

We invest in active and passive solutions

We create our own solutions if we aren’t happy with the products we find



We track your portfolio’s performance on a daily basis

We monitor risk indicators on an ongoing basis

We monitor all hidden fees and the custody fee



We report on performance, volatility, costs, our investment decisions and our outlooks at a frequency defined by you

We host a quarterly performance update during which you can meet the investment managers and listen to their decisions and views

SAA Profiles

Our Portfolios

We offer three SAA portfolios to meet our clients’ varying risk-return requirements. The Aggressive Portfolio consists only of stocks and alternative assets, while the Standard Portfolio and Conservative Portfolio invest in multiple asset classes.  Our SAA consists of four asset classes and 13 sub-asset classes. We use stocks, fixed income and cash to adjust the portfolios’ risk exposures, and always keep their weight in alternative assets at around 30%. The rationale behind this is to keep roughly a third of the portfolio’s assets in other asset classes by investing in physically-backed products, decentralised products and alternative funds. Sub-asset-class weights change depending on our view of their prospects.

Asset Classes

Asset Class

Sub Asset Class



Active Products

Active equity investments are indispensable in a comprehensive portfolio. With selected shares, you can participate in the productivity, innovation and potential growth of attractive companies.


passive Products

With passive investment in shares, companies are not actively selected, but rather investments are made in highly diversified products such as ETFs. This asset class allows you to invest in certain industrial sectors or countries.

fixed income

investment grade

Investment grade bonds generate steady income in the portfolio with almost zero additional risk. This asset class reduces the fluctuation of returns and thus leads to more security.

fixed income


High-yield investments mean an increased risk of default. In return, the yield is much higher than for investment-grade bonds. Well diversified, high-yield bonds optimize the risk-return profile considerably.



Bitcoin and alternative cryptocurrencies have provided investors with high returns over the last decade. Their risk-adjusted return potential and low correlation with traditional assets can provide appealing returns while broadening portfolio diversification. 



Industrial metals are used in a wide range of sectors. Returns are driven by global developments, demand from companies and investors as well as mine production. Returns are therefore largely driven by factors other than those of conventional asset classes. Additionally, commodities generally serve as a good inflation hedge.



Gold is probably still the safest store of value in the long term. The price tends to rise in uncertain times. Gold can therefore serve as a crisis hedge. Furthermore, gold protects against strong inflation.



Private equity investments can bring very attractive returns in the long term. Although there is a high probability of default of individual companies, it is possible to participate in the potential upside of various small and innovative companies, which may develop to be global leaders.



Real estate can be divided into different categories such as residential, commercial or warehouses. Risk and returns are different depending on the intended use. Generally, real estate preserves value, generates continuous income and can increase in price over time.



Hedge funds are very actively managed investment products whose returns behave very differently depending on the strategy of their managers. Some hedge funds can offer very attractive returns, while others can be used to protect against crises.



Liquid assets can serve as liquidity to react quickly to buying opportunities or different types of currencies can be actively managed to profit from potential upward valuations.

Risk & Return


This chart shows the risk-return profiles of all the asset classes we invest in as well as those of our mandates. It should always be the goal to be in the top-left corner of this kind of chart, as this is where we find high returns coupled with low volatility. As we can see, our portfolios are further towards the top-left than the individual asset classes themselves, showing they have achieved more attractive risk-return ratios. This is due to the effects of diversification of asset classes within our portfolios.

Back Test

The performance of our SAA over the past five years shows the differences between the three different risk profiles. While the Conservative Portfolio has steadily increased in value with limited drawdowns, the Aggressive Portfolio has grown more quickly but has suffered bigger drawdowns. The Standard Portfolio is in between the two. Of course, it’s important to remember that past performance is no guarantee of future returns.

Aggressive Mandate Performance Since Inception

Indexed 04.05.2022 = 100. Growth Funds = average performance of portfolio funds with a growth orientation of: Credit Suisse, JPMorgan, Julius Bär, Lombard Odier, UBS, UBP , J Safra Sarasin, Swisscanto, Swiss Life, HSBC. Mandate performance without transaction fees. The performance of individual mandates may therefore deviate.

Standard Mandate Performance Since Inception

Indexed 04.05.2022 = 100. Balacend Funds = average performance of portfolio funds with a balanced orientation of: Credit Suisse, JPMorgan, Julius Bär, Lombard Odier, UBS, UBP , J Safra Sarasin, Swisscanto, Swiss Life, HSBC. Mandate performance without transaction fees. The performance of individual mandates may therefore deviate.

Conservative Mandate Performance Since Inception

Indexed 04.05.2022 = 100. Income Funds = average performance of portfolio funds with an income orientation of: Credit Suisse, JPMorgan, Julius Bär, Lombard Odier, UBS, UBP , J Safra Sarasin, Swisscanto, Swiss Life, HSBC. Mandate performance without transaction fees. The performance of individual mandates may therefore deviate.